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Refer to the information in E10-14 and assume Seton Corporation accounts for the bond using the simplified effective-interest method shown in Chapter Supplement 10C.
Info E10-14
On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $ 200,000, 8 percent bond issue for $ 187,163. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method.
Required:
1. Prepare the journal entry to record the bond issuance.
2. Prepare the journal entry to record the first interest payment on December 31.
3. Prepare a bond discount amortization schedule for these bonds. Round calculations to the nearest dollar.
All of the 2009 loss can be carried back against the income of 2007 and 2008 for purposes of determining the company's 2009 income tax liability. How should the carryback be presented in the company's 2009 financial statements?
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